I want to do contract with one private bank for salary reimbursement work on management fees basis for i.e. if I paid salary of Rs 100000/- I will get Rs 5000/- as management fees, total bill will be Rs 105000/-. Is this comes under service tax. plz guide me regarding rules
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Servce tax on management fees work
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"Service" means any activity carried out by a person for another for consideration, and includes a declared service,
Service tax regime has been introduced with the announcement of budget 2012 wherein all services will be taxed unless they are specified under the negative list entry or are otherwise exempted. Under the system, the services will be taxed comprehensively, except the few ones which have been specified under the negative list. The Central Board of Excise and Customs [CBEC] has further issued "Mega Exemption Notification" vide Notification No. 25/2012-Service Tax dated 20th June, 2012, enlisting the services which shall be exempt from the payment of service tax with effect from 1st July, 2012.
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